Business Divorce Lawyers in Edinburg, Texas

Are you splitting up a business partnership? Are you having trouble communicating with your business partner or disagree about major decisions for your business? Do you think it's time that you split with a business partner to grow or to protect your business? Preston Henrichson with Henrichson Law, PLLC is a business divorce law firm in Edinburg, Texas who may be able to assist you with this process. Whether you need to enforce the terms of your partnership agreement or need to figure out how to best split a business, our firm can help you.

If you need to end a business partnership, need to end a relationship with a vendor or supplier, or need to change the terms of your business partnership agreement, the business divorce lawyer, Preston Henrichson , at Henrichson Law, PLLC in Edinburg, Texas can help. Whether you have a written partnership agreement or are in an informal business relationship, Preston Henrichson is a business divorce lawyer in Edinburg, Texas who can assist you with splitting your business partnership.

How to Prevent Business Divorce Issues: Have a Good Partnership Plan in Place

The time to plan for your business divorce is when you are establishing a partnership in the first place. You and your partner should have a dissolution strategy in place when you form the partnership. By making expectations about each person's role in the partnership clear, you make it less likely that issues will arise that can result in a split because responsibilities will be clearly stated in writing, but you also can make it clear how a split will be managed should each partner not carry his or her weight. If you are thinking about forming a business partnership, the time to plan for business divorce is now. Preston Henrichson is business divorce attorney in the Edinburg, Texas area who can assist you with your business plan, partnership plan, and dissolution agreements.

Having a good business plan and partnership plan in place can protect your rights. This way, should you ever need to part ways, it is clear who gets what and how the business will move forward. A business can have many moving parts, like debts, cash flow, assets, client lists, employees, human resources, and intellectual property. How you will handle splitting each of these assets and liabilities should be outlined in your partnership agreement. If you already have a business partnership plan in place that considers dissolution of the partnership, then Preston Henrichson, a business divorce lawyer in the Edinburg, Texas area can help you divide the business in accordance with your plan. But what happens if you don't have a clear dissolution plan in place? What happens if you don't even have a business plan or if your relationship with your partner is informal? This is more common than you might realize. This is a situation where having a business divorce lawyer like Preston Henrichson in the Edinburg, Texas area on your side can make a big difference in the outcome of your case.

Business Divorce: How a Business Divorce Law Firm Can Help

Business divorce can happen for many reasons. Either one partner isn't carrying his or her weight in the partnership, one partner feels like he or she is doing all the work, or communication has broken down. Maybe you feel like it's time to grow your business and you need to split your partnership for this to happen. You and your partner may have different working styles or you may disagree about the vision for the company.

What can you do if a business divorce appears to be on the horizon? It may be wise to contact Preston Henrichson with Henrichson Law, PLLC, business divorce lawyer in Edinburg, Texas area, who can assist you with the process. Here are some things to keep in mind:

  • Review your partnership agreement. If you have a partnership agreement in place, this agreement will likely offer guidance about what should happen should you need to end the partnership.
  • Speak to a business divorce lawyer. When it comes to dividing your business, you'll need to consider your business assets, liabilities, and other intangible assets like intellectual property, client lists, human resources, and trade secrets. While it might be possible to divide assets and debts, things like trade secrets, customer lists, and intellectual property must also be considered, and can be more difficult to split. In some cases, partners can simply split debts, assets, and client lists and move on, while other situations might be more complex. If you and your business partner disagree about the share each of you own in the company or if you have trade secrets that you want to preserve in the company, speaking to a business divorce lawyer in Edinburg, Texas area like Henrichson, Law, PLLC can help clarify your rights and options.
  • Make it official. You'll need to formally file Articles of Dissolution. Don't assume that anything you do is formal until everything has been filed, documented, and agreed upon in writing. The business divorce law firm, Henrichson Law, PLLC in Edinburg, Texas can assist you with this process.
  • Consider an equitable division of assets. Like marital divorce, a business divorce will likely involve the division of assets and debts. If both you and your partner plan to split the business 50-50, this process may not be too difficult. However, sometimes equitable division doesn't involve a 50-50 split. One partner may have put in more work, more initial capital, or may have a larger right to the business. Henrichson Law, PLLC in the Edinburg, Texas area can review your business's financial situation and assist you with dividing the business outside of court. Additionally, our firm can help you file a lawsuit if needed.

Divorcing from a business partner can be a stressful process. You have put time, energy, and money into your business. You also want to protect your business's reputation. Henrichson Law, PLLC is a business divorce law firm in the Edinburg, Texas area who can assist you with splitting your partnership or if you are facing a business divorce.

Protect Your Business Interests

If the time has come to split with your business partner, how you go about divorcing your business can have major implications for your business going forward. If you are going through a business divorce, protect your rights. Contact the Edinburg, Texas area business divorce law firm at Henrichson Law, PLLC.